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Asia stocks extend gains after U.S. stocks recover


Nikkei 225 edged up 0.1% to 37,471.73, Hang Seng advanced 1.2% to 16,715.15 and S&P/ASX 200 jumped 0.4% to 7,677.40

Asian benchmarks extended gains Tuesday after U.S. stocks clawed back a part of their losses from last week, which was the worst for the S&P 500 in more than a year, while the yen weakened further to fresh 34-year lows.

U.S. futures were mixed and oil prices advanced.

Japan’s benchmark Nikkei 225 edged up 0.1% to 37,471.73, despite the country’s manufacturing activity contracting for 11 consecutive months while approaching the break-even point in April as PMI came in at 49.9, per Tuesday figures from au Jibun bank. The yen softened further with it reaching a new 34-year low of 154.85 early Tuesday.

The Hang Seng in Hong Kong advanced 1.2% to 16,715.15 while the Shanghai Composite index was 0.6% lower at 3,025.76.

Australia’s S&P/ASX 200 jumped 0.4% to 7,677.40. South Korea’s Kospi shed less than 0.1% to 2,628.14.

On Monday, the S&P 500 added 0.9% to 5,010.60 to recover more than a quarter of last week’s rout. The Dow Jones Industrial Average (DJIA) gained 0.7% to 38,239.98, and the Nasdaq composite climbed 1.1% to 15,451.31.

The rally was widespread, and most stocks across Wall Street advanced. In the S&P 500, technology stocks led the way to rebound from their worst week since the COVID crash of 2020.

Nvidia climbed 4.4%, and Alphabet jumped 1.4% as Treasury yields steadied in the bond market. Last week, a jump in yields cranked up the pressure on stocks, especially those seen as the most expensive and making their investors wait the longest for big growth.

Bank stocks were also strong following some encouraging profit reports. Truist Financial rallied 3.4% after its profit for the start of the year topped analysts’ expectations.

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